Forging ahead or falling behind?
Organisations can’t afford to hold off digital transformation any longer. It should be happening now. And if it isn’t, you may already be falling behind.
The financial services industry has realised that a cultural shift is under way. According to the Roubini/ThoughtLab Wealth and Asset Management 2022: The Path to Digital Leadership report, 96 percent of CEOs view digital transformation as central to their businesses, versus 76 percent just a year ago. Increasingly, consumers want access to more services, and demand superior experiences. These growing expectations are driving technological adoption across the financial services industry.
Becoming operationally agile.
Digital-first financial institutions can adopt and develop agile operations—allowing them to increase operational efficiency, attract and retain the best talent, identify new revenue models, and foster a culture of innovation.
In this digibook, we explore what it means to become an agile organisation, and discuss how agile finance leaders can drive adoption of new delivery models. We’ll explore the changing role of CFOs and CHROs, and examine how a culture of collaboration can help attract the agile workforce required for profitable growth.
“Wealth and Asset Management 2022: The Path to Digital Leadership,” Roubini ThoughtLab
For most industry executives, the question is no longer whether the industry will go through a digital metamorphosis, but how they can ensure they are not left behind.
Richard Fairbank, chairman and CEO, Capital One
Every bank is going to need to transform itself by innovating. The digital revolution is changing banking on just about every dimension.
Your big opportunity.
But digital transformation represents an opportunity for the financial services industry, too. Consider these statistics on the benefits of digital adoption:
Firms that have already reached an advanced digital stage report an 8.6 percent increase in revenue, an 11.3 percent rise in productivity, and a 6.3 percent improvement in market share. Those that move too slowly stand to lose 79 million USD per billion dollars of revenue a year.“Wealth and Asset Management 2022: The Path to Digital Leadership,” Roubini ThoughtLab
Revenue vs. cost of going digital.
That stat on productivity is particularly revealing, and highlights how digitalisation is being used to empower the workforce.